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03/11/2009
Fonds

Record de plus trois ans pour les souscriptions nettes

En octobre, les fonds distribués en Espagne ont enregistré des souscriptions nettes de 701 millions d’euros contre des sorties nettes de 1,2 milliard d’euros en septembre et des rentrées nettes de 402 millions d’euros pour août, ce qui était alors le premier résultat positif depuis avril 2007. Les souscriptions nettes d’octobre ont été les plus élevées depuis celles de 1,98 milliard d’euros enregistrées pour mars 2006, précise l’association Inverco des sociétés de gestion.L’encours total a lui aussi augmenté à nouveau, passant à 163,45 milliards d’euros au 31 octobre contre 162,78 milliards fin septembre et 162,84 milliards fin août. C’est le quatrième mois de 2009 durant lequel a été observé un accroissement des actifs sous gestion.Les trois gestionnaires ayant affiché les plus fortes souscriptions nettes en octobre ont été Invercaixa Gestión avec 584,8 millions, Bansabadell Gestión avec 151,5 millions et Mutuactivos avec 125,9 millions, tandis que le numéro un du secteur par les encours, BBVA Asset Management, drainait 110 millions d’euros.Les plus fortes sorties nettes ont été subies par ailleurs par UBS Gestión avec 146,5 millions, Ahorro Corporació Gestión, avec 140,8 millions, et DWS Investments, avec 100,3 millions d’euros.
Fonds
03/11/2009
Fonds

Les épargnants plébiscitent toujours les fonds monétaires

Fidèles à leur attitude d'épargnants plutôt que d’investisseurs, les souscripteurs espagnols ont privilégié en octobre les placements les moins risqués et souscrit en net pour 2,2 milliards d’euros de parts de fonds monétaires, indique Cinco Días. Cette catégorie de produits a bénéficié à la fois de l’exode hors des fonds obligataires à court terme et de souscriptions nouvelles : depuis le début de l’année, les rentrées nettes des monétaires ont atteint 16 milliards d’euros, estime Ahorro Corporación.
Fonds
03/11/2009

Diana Mackay va quitter Lipper FMI

Selon les titres de l'édition d’Ignites Europe du 2 novembre, Diana Mackay et son mari Rodney Williams vont quitter leurs postes de co-CEO de Lipper FMI à la fin de l’année.
03/11/2009

BNY Mellon boucle l'acquisition d'Insight Investment

BNY Mellon a annoncé lundi avoir bouclé l’acquisition d’Insight Investment Management à Lloyds Banking Group, dévoilée en août.Les encours concernés par l’opération ressortent à environ 133 milliards de dollars, ce qui porte les actifs sous gestion de BNY Mellon à plus de 1 000 milliards de dollars. Insight Investment va rejoindre le réseau de boutiques de BNY Mellon Asset Management en lui apportant notamment un savoir-faire en matière de solutions LDI (Liability Driven Investment).
03/11/2009

BinckBank pousse ses pions en Europe

Selon Les Echos, le courtier en ligne néerlandais BinckBank, qui affiche de fortes ambitions en France où il compte déjà plus de 10.000 clients, compte aussi lancer des OPCVM aux Pays-Bas, où ces produits sont mal connus. Cherchant à renouveler le succès rencontré en Belgique où il s’est installé voilà trois ans, BinckBank vise une ouverture de quelque 30.000 comptes français en 2011 et 40.000 l’année suivante. De fait, avec 29.500 comptes outre-Quiévrain (+48% en un an), le néerlandais talonne désormais la filiale Keytrade du Crédit Agricole, numéro un du secteur en Belgique. Sur les neuf premiers mois de l’exercice, le résultat net du courtier a progressé de 45% à 33 millions d’euros pour un chiffre d’affaires en hausse de 22% à 131,4 millions d’euros.
03/11/2009
Fonds

Robeco repositionne sa gamme de fonds d'actions

Six fonds à thème vont prendre la relève des fonds d’actions sectoriels de Robeco à compter du 30 novembre 2009, annonce Robeco Deutschland. Les produits actuels qui ne peuvent s’adapter aux thématiques de long terme seront soumis à un changement de politique d’investissement ou fusionneront, voire seront fermés. Le gestionnaire néerlandais met surtout en exergue dans son offre les marchés émergents et les actions américaines «solides», sans oublier un accent particulier sur le développement durable.Les six nouveaux fonds thématiques, tous de droit luxembourgeois, sont * le Robeco New World Financials Equities, qui résulte du changement de politique d’investissement du Financial Equities ; * le Robeco Agribusiness Equities, qui résulte de l’absorption du Food & Agri Equities par l’Agribusiness Equities ; * le Robeco Health & Wellness Equities, qui est la transformation du Healthcare Equities. Ce fonds a SAM Sustainable Asset Management comme sub-advisor ; * le Robeco Infrastructure Equities, qui continue mais prend en charge l’Industrials Equities ; * le Robeco Consumer Trends Equities qui résulte du changement de politique d’investissement du Consumer Goods qui absorbe le IT Equities et le Telecom Services Equities ; * enfin, le Robeco Natural Resources Equities qui procède d’un changement de gestion du Energy Equities, tandis que les fonds Materials Equities et Utilities Equities seront fermés.
Fonds
03/11/2009
Fonds

Un fonds Ucits suscite des inquiétudes

Le lancement par Swiss Alpha du premier fonds Ucits focalisé sur les «naked option writing», dans lequel le portefeuille est détenu en cash et le fonds gagne de l’argent en vendant des options qui peuvent provoquer une perte si les actions montent ou baissent fortement, suscite des inquiétudes. Presque toutes les personnalités du secteur contactées par le FTfm craignent que ce type de fonds soit trop risqué pour les petits investisseurs.
Fonds
03/11/2009
Fonds

Les fonds de fonds Ucits III décollent

Les fonds de fonds Ucits III se multiplient, constate le Financial Times Fund Management. Après 3A, Collins Stewart a lancé un fonds de ce type, appelé Alternative Strategies Fund. HSBC Alternative Investments devrait suivre à la fin du mois avec AdvantEdge.
Fonds
03/11/2009

Sarasin compte prendre le contrôle de NZB Holding

Mardi, la Banque Sarasin a annoncé qu’elle se propose d’acquérir une majorité des parts (entre 51 % et 60 %) de la NZB Neue Zürcher Bank zurichoise sous réserve des résultats d’un audit de due diligence ainsi que de l’approbation des autorités compétentes et de celle des actionnaires actuels de NZB. Dans le cadre de son recentrage sur son métier de banquier privé, Sarasin avait vendu ses activités de courtage en Suisse à NZB Neue Zürcher Bank SA en 2007 et détenait depuis lors une participation de 40% dans cette firme par l’intermédiaire de NZB Holding. Le montant de la transaction n’a pas été dévoilé.Le rachat prévu de la majorité de NZB Holding «a été décidé dans le contexte des changements de personnel survenus chez NZB et des décisions récemment prises par la FINMA en relation avec l’affaire Sulzer» précise Sarasin, ajoutant que «l’acquisition s’inscrit dans une optique de maintien du climat de confiance parmi les clients et les collaborateurs» de la NZB. Sarasin entend concentrer les activités de NZB sur les affaires de courtage. Autrement dit, NZB se retirera des activités de banque privée.
03/11/2009

Forte hémorragie pour UBS

Les sorties nettes d’argent subies au troisième trimestre par la division Wealth Management & Swiss Bank d’UBS se sont montées à 16,7 milliards de francs, elles ont représenté 9,9 milliards de francs pour Wealth Management Americas et se sont chiffrées à 10 milliards de francs contre 17,1 milliards au deuxième trimestre pour la division Global Asset Management, a indiqué le groupe mardi matin.A fin septembre, l’encours total se situait à 2.258 milliards de francs suisses, contre 2.250 milliards au 30 juin.La division Wealth Management & Swiss Bank enregistre une baisse de son bénéfice avant impôt à 792 millions de francs contre 932 millions au deuxième trimestre, pendant que celui de Wealth Management Americas atteint 110 millions de francs contre une perte de 221 millions. Quant à Global Asset Management, son bénéfice avant impôt s’accroît à 130 millions de francs contre 82 millions essentiellement grâce à l’augmentation des recettes de commissions de performance (surtout sur les placements alternatifs et quantitatifs) et de commissions de gestion.
03/11/2009

Rise of the UCITS III-compliant funds of funds

There is a growing number of UCITS III-compliant funds of funds available, Financial Times Fund Management reports. Following 3A, Collins Stewart has launched a fund of this type, entitled Alternative Strategies Fund. HSBC Alternative Investments will follow suit by the end of the month, with AvantEdge.
03/11/2009

Robeco repositions its range of equities funds

Six themed funds will become a front line in the sectoral equities offerings from Robeco from 30 November 2009, Robeco Deutschland has announced. Existing products which are unable to adapt to long term thematic developments will undergo a change in investment policy or will be merged or closed. The Netherlands-based management firm is placing a particular emphasis on its “solid” range of emerging markets and US equities products, with a particular emphasis on sustainable development. The six new thematic funds, all of them registered in Luxembourg, will be: Robeco New World Financials Equities, the result of a change in investment policy for the Financial Equities fund; Robeco Agribusiness Equities, the result of the absorption fo the Food & Agri Equities into the Agribusiness Equities; Robeco Health & Wellness Equities, a transformed version of the Healthcare Equities. The fund will have SAM Sustainable Asset Management as sub-advisor; Robeco Infrastructure Equities, which will continue in its current form and absorb the Industrial Equities fund; Robeco Consumer Trends Equities, the result of a change in investment policy for the Consumer Goods fund, which will absorb the IT Equities and Telecom Services Equities funds; lastly, the Robeco Natural Resources Equities, the result of a change to the management policy of the Energy Equities fund, while the Materials Equities and Utilities Equities funds will be closed.
03/11/2009

Société Générale plans to strengthen its position on Asian fixed income markets

Société Générale is planning to increase the size of its bond team in Asia by more than 10% next year, Bloomberg reports, citing announcements by Robert Reilly, co-head of the department. Overall, the largest French bank in terms of market capitalisation will have increased personnel on its team by more than 50% in 2009, Reilly also stated. He has moved from Hong Kong to Sydney to oversee the development of these teams. The research department based in Hong Kong and tokyo will gain four to seven people.
03/11/2009

Authorities seek to improve efficiency of Italian fund sector

Consob, the Italian securities commission, and the Bank of Italy are seeking to improve the efficiency of the asset management sector in the country, Il Sole - 24 Ore reports. The two authorities on Monday released a document resulting from a joint project begun un summer 2008, in which they propose to dematerialize fund shares, in order to favour portability and to bring about an end to the plurality of systems, procedures, and language adopted by the various asset management firms. The goal is to achieve an application by 2011 of a plan in partnership with all market actors.
03/11/2009

Sarasin plans to take control of NZB Holding

On Tuesday, Banque Sarasin has announced that it is offering to acquire a majority stake (between 51% and 60%) in the Zurich-based bank NZB Neue Zürcher Bank, panding approval from the regulatory authorities and the current shareholders of NZB. As a part of a move to recentre itself on its private banking activities, Sarasin sold its Swiss brokerage activities to NZB Neue Zürcher Bank in 2007, and then held a stake of over 40% in the firm, via NZB Holding. The acquisition price has not been disclosed. The planned acquisition of a majority stake in NZB Holding “was decided on in a context of personnel changes at NZB, and of decisions recently taken by FINMA in relation to the Sulzer affair,” says Sarasin, adding that “the acquisition aims to maintain a climate of confidence among clients and partners” at NZB. Sarasin is planning to concentrate NZB’s activities on brokerage; in other words, NZB will withdraw from private banking activities.
03/11/2009

Heavy outflows from UBS

Net outflows of assets from the Wealth Management & Swiss Bank division of UBS in third quarter totalled CHF16.7bn, while they totalled CHF9.9bn for Wealth Management Americas, and CHF10bn, compared with CHF17.1bn in second quarter, for the Global Asset Management division, the group announced on Tuesday morning. As of the end of September, total assets came to CHF2.258trn, compared with CHF2.250trn as of 30 June. The Wealth Management & Swiss Bank division has seen a decline in its pre-tax profits to CHF792m, compared with CHF932m in second quarter, while Wealth Management Americas had CHF110m in profits, compared with losses of CHF221m. Global Asset Management reported increased pre-tax profits of CHF130m, up from CHF82m, largely due to an increase in revenues from performance commissions (particularly for alternative and quantitative investments) and management commissions.
03/11/2009

Three Warburg veterans found BAY Investment

Bernd Bogmeier, a managing partner at the MM Warburg private bank until the end of 2008, has founded the investment boutique BAY Investment in Eschborn (near Frankfurt), in collaboration with Achim Hammerschmitt, who was previously director of asset allocation at Warburg Invest, and Youngjun Yoon, former CI of Warburg Invest. The acronym “BAY” comes from the first initials of the three founders. The new boutique will start up with assets of EUR1bn, and will offer quantitative fundamental products to both institutional and retail clients.
03/11/2009

Netherlands hedge funds gained 1.31% in September

Hedge Week reports that hedge funds in the Netherlands gained an average of 1.31% in the month of September, according to the Finles/IEX index. Over nine months, the index shows gains of 11.48%, compared with 10.8% for the HFRX Global index. Since the beginning of the year, the top five hedge fudns are HIQ Invest Market Neutral Fund (+40%), Antaurus Europe Fund (+36%), IdB Real Estate Fund (+34%), EV Smaller Companies Fund (+31%), and Farringdon Alpha One Fund (+30%).
03/11/2009

Staff cuts continue at AllianceBernstein

A spokesperson for Alliance-Bernstein has told Mutual Fund Wire that by the end of the year, staff at the Axa affiliate will be reduced to about 4,000, from 4,544 at the end of September, and 5,633 at the end of September 2008. CEO Peter Kraus has also stated that the management firm has not reduced its recruitment efforts, and that it has added to specialist teams in real estate and special government programs.
03/11/2009

Losses down at WisdomTree

In third quarter 2009, the asset management firm WisdomTree, a specialist in ETFs, underwent losses of nearly USD4.99m, compared with USD5.2m in second quarter, and USD5.67m in the corresponding period of last year. In the first nine months of the year, net losses have contracted to USD16.2m, compared with USD22.1m. As of 30 September, assets totalled USD5.47bn, of which USD4.9bn are in ETF funds, 32% and 33.8% more than at the end of June, respectively. Net subscriptions in third quarter totalled USD558m. As of the end of September 2008, assets under management totalled USD466bn. Wisdom Tree has also submitted an application to the SEC for a license for the WisdomTree Real Return Fund, a product “advised” by Mellon Capital Management, which will invest in inflation-indexed bonds (TIPS), bonds, and commodities derivatives.
03/11/2009

BNY Mellon completes acquisition of Insight Investment

BNY Mellon has completed the acquisition of Insight Investment Management from Lloyds Banking Group. Insight Investment’s assets under management, net of identified internal assets that will be retained by another part of the Lloyds Banking Group, are approximately USD133 billion. It joins the other investment boutiques at BNY Mellon Asset Management. With this acquisition, BNY Mellon will have more than USD1 trillion in assets under management.
03/11/2009

Diana Mackay to leave Lipper FMI

According to the 2 November issue of Ignites Europe, Diana Mackay and her husband Rodney Williams will be leaving their jobs as co-CEOs of Lipper FMI at the end of the year.
03/11/2009

United Kingdom: Majority of IFAs active in sustainable development

According to a survey undertaken by the advising agency NMG, and commissioned by National Ethical Investment Week and the independent financial advisers’ association, 87% of independent financial advisors (IFAs) now advise green and ethical investments, compared with 70% one year ago. The percentage of IFAs who say information on responsible investment is appropriate has increased from 15% last year to 34% this year. One third of advisors surveyed say that it is still difficult to find information on SRI, compared with 37% last year.
03/11/2009

Performance of Sharia-compliant equities lags in third quarter

Sharia-compliant equities underperformed the markets as a whole in the Gulf Cooperation Council (GCC) states (Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman), the United States, and Europe in third quarter, according to the latest Shariah Scorecard from Standard & Poor’s. Islamic investors adopted a wait-and-see attitude while the financial sector began to rebound. The S&P Global BMI Shariah Index earned 15.46% returns in the three months to 30 September, while the non-Shariah S&P Global BMI Index, which includes a higher weighting of financial sector equities, gained 18.67% in the same period.
03/11/2009

Man and Credit Suisse announce joint project

Man Investments and Credit Suisse on 2 November announced the launch of a joint managed accounts project, to respond to growing demand from investors for increased transparency, liquidity and controls. By the terms of the agreement, Man Investments, which for more than ten years has been developing a managed accounts platform which will continue to be available directly to Man clients, will be responsible for surveillance of managers and portfolios, risk management, reporting and investment advising for the joint project. Credit Suisse, for its part, will be responsible for risk transfer, and will contribute its expertise in structured products, as well as its strong balance sheet, which will open up possibilities for protection, dynamic leverage, and increased levels of liquidity.
03/11/2009

ETFs cost less than half as much as index-based equities funds

Barclays Global Investors (BGI) reports in the October 2009 issue of its «ETF Landscape» newsletter, published on Monday, that the total expense ratio (TER) for equities ETFs in Europe average 37 basis points per year, compared with 87 basis points for the average index-based equities fund, and 175 basis points for the average actively-managed fund. The statistics were compiled in March by Morningstar. In the United States, the average total expense ratio for equities ETFs totalled 32 basis points, compared with 73 basis points for the average index-based equities fund, and 141 basis points for the average actively-managed equities fund.
03/11/2009

Galleon scandal: Globalfoundries chairman takes leave of absence

Globalfoundries, a joint venture from Advanced Micro Devices (AMD) and Advanced Technology Investment Company (ATIC), itself owned by the Abu Dhabi sovereign fund Mubadala, on Monday announced the appointment of Alan E. “Lanny” Ross, former CEO of Broadcom, as its interim chairman. Ross replaces Hector Ruiz, who is taking a “voluntary leave of absence” with immediate effect, until his resignation, submitted in September, takes effect on 4 January 2010. Ruiz, the former CEO of AMD, is one of the people suspected of having provided insider information to several hedge funds, including Galleon, For the moment, he is not facing criminal proceedings.
03/11/2009

Charles Schwab launches its first ETFs

Charles Schwab on Monday announced the launch of its first in-house ETF products. The eight products, managed by Charles Schwab Investment Management, will all be based on equities indexes. From today, four ETFs from Charles Schwab will be available to investors. They are the Schwab U.S. Broad Market ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Small-Cap ETF, and the Schwab International Equity ETF. Four more products will follow in December: the Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap value ETF, Schwab International Small-Cap Equity ETF, and the Schwab Emerging Markets Equity ETF. These ETF products “have some of the lowest fees on the market,” Schwab says in a statement, and they will be exempt from online transaction commissions for clients of the broker. The funds will be listed on NYSE Arca, and may be traded on other stock exchanges.
03/11/2009

Net subscriptions at a three-year high

In October, funds on sale in Spain posted net subscriptions of EUR701m, compared with net outflows of EUR1.2bn in September, and net inflows of EUR402m in August, which at the time were the first positive results since April 2007. Net subscriptions in October were the highest since March 2006, when inflows totalled EUR1.98bn, the Inverco association of asset management firms reports. Total assets also increased once again, to EUR163.45bn as of 31 October, from EUR162.78bn at the end of September, and EUR162.84bn as of the end of August. This is the fourth month in 2009 in which volumes of assets under management have increased. The three management firms with the strongest net subscriptions in October were Invercaixa Gestión, with EUR584.8m, Bansabadell Gestión with EUR151.5m, and Multiactivos, with EUR125.9m, while the top asset management firm in the sector in terms of assets, BBVA Asset Management, attracted EUR110m. The heaviest net outflows were from UBS Gestión, with EUR146.5m, Ahorro Corporació Gestión, with EUR140.8m, and DWS Investments, with EUR100.3m.

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